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United Security Bancshares Declares Quarterly Cash Dividend

United Security Bancshares Declares Quarterly Cash Dividend

FRESNO, Calif.–(BUSINESS WIRE)–
On September 27, 2022, the Board of Directors of United Security Bancshares (the “Company”)(NASDAQ: UBFO), the parent company of United Security Bank (the “Bank”), declared a regular quarterly cash dividend of $0.11 per share on the Company’s common stock. The dividend is payable on October 25, 2022, to shareholders of record as of October 11, 2022.

About United Security Bancshares

United Security Bancshares (NASDAQ: UBFO) is the holding company for United Security Bank, which was founded in 1987. United Security Bank is headquartered in Fresno and operates 12 full-service branch offices in Fresno, Bakersfield, Campbell, Caruthers, Coalinga, Firebaugh, Mendota, Oakhurst, San Joaquin, and Taft. Additionally, United Security Bank operates Commercial Real Estate Construction, Commercial Lending, and Consumer Lending departments. For more information, please visit www.unitedsecuritybank.com.

FORWARD-LOOKING STATEMENTS

Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company’s board or its structure. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. For a more complete discussion of these risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and particularly the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Readers should carefully review all disclosures the Company files from time to time with the Securities and Exchange Commission.

Dennis Woods, President CEO

559-248-4928

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Momentus Launches Three-Year, $50 Million At-the-Market Equity Program

Momentus Launches Three-Year, $50 Million At-the-Market Equity Program

SAN JOSE, Calif.–(BUSINESS WIRE)–
Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers transportation and other in-space infrastructure services, is pleased to announce that it has entered into an equity distribution agreement (the “Distribution Agreement”), providing for an at-the-market equity offering program (the “ATM Program”).

Pursuant to the ATM Program, Momentus may, at its discretion and from time to time during the three-year term of the Distribution Agreement, offer and sell such number of Class A shares of its common stock as would result in aggregate gross proceeds to Momentus of up to $50 million. The shares will be offered through Stifel, Nicolaus & Company, Incorporated, acting as agent (“Stifel”). Stifel may sell shares of the Company’s Class A common stock by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including without limitation sales made directly through Nasdaq, on any other existing trading market for the Class A common stock or to or through a market maker. In addition, Stifel may also sell the shares of Class A common stock by any other method permitted by law, including, but not limited to, negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices.

Momentus intends to use the net proceeds that it receives from the ATM Program, if any, for the continued development of the Vigoride orbital service vehicle, future enhancements to Vigoride, and general corporate purposes, including, without limitation, working capital, capital expenditures, repayment and refinancing of debt, research and development expenditures, acquisitions of additional companies or technologies and investments. The timing and extent of the use of the ATM Program will be at the discretion of the Company. Accordingly, proceeds from equity offerings under the ATM Program could be significantly less than $50 million.

The sale of the Company’s Class A common stock through the ATM Program, if any, will be made pursuant to a prospectus supplement dated September 28, 2022 to the base shelf prospectus contained in the Company’s effective registration statement on Form S-3 (File No. 333-267230) filed with the United States Securities and Exchange Commission (the “SEC”) on September 1, 2022. This shelf registration statement, which was declared effective by the SEC on September 12, 2022, allows the Company to raise capital, up to an aggregate of $200 million, by offering and selling Common Stock, Preferred Stock, Debt Securities, Warrants, or other securities. Before you invest, you should read the prospectus in the registration statement, the related prospectus supplement and the other documents Momentus has filed with the SEC for more complete information about Momentus and this offering. You may obtain copies of the prospectus supplement and accompanying prospectus relating to the offering without charge by visiting the SEC’s website at www.sec.gov or by contacting Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, CA 94104 or by telephone at (415) 364-2720 or by email at [email protected].

This news release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the shares of Class A common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Momentus

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding the aggregate value of Common Shares which may be issued pursuant to the ATM Program and Momentus’ expected use of the net proceeds from the ATM Program, if any. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 9, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investors

Darryl Genovesi at [email protected]

Media

Jessica Pieczonka at [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Satellite Air Technology Aerospace Transport Manufacturing Other Transport

MEDIA:

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5E Advanced Materials Reports Full Year 2022 Results

HIGHLIGHTS

  • Major milestones achieved:

    • Critical Infrastructure designation by the U.S. government
    • Letters of Intent with Corning Inc. and Borman Specialty Materials
    • Enhanced project scope to increase boron capacity and include lithium
    • Successful Nasdaq listing supported by BofA Securities as capital markets advisor
    • Equity research initiations
    • Large Institutional investment by Bluescape Energy Partners
    • University partnerships established to develop novel advanced materials IP and technology
  • Customer activities accelerating with positive market outlook for boron and lithium
  • Small-Scale Boron Facility (“SSBF”) progresses on-schedule towards target mechanical completion in CQ4 2022
  • Balance sheet strengthened with $68 million in available cash as of August 26, 2022

HOUSTON, Sept. 28, 2022 (GLOBE NEWSWIRE) — 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E” or the “Company”), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, today announced its financial results for the fiscal year end 2022.

Corporate Strategy

5E and boron sit at the convergence of three global mega-trends: decarbonization, food security, and domestic supply of critical materials. The Company is positioned strategically to benefit from the expected surge in demand for boron and lithium as a result of high-growth decarbonization technologies which commonly utilize these advanced materials as key inputs, the recognition of boron’s importance to keep the world fed as an essential micronutrient required by crops, and the move to reduce reliance on foreign sourcing and processing in a critical supply chain.

Given existing geological limitations, there are few major known boron projects globally. 5E possesses the largest, and only substantially permitted, of these six projects. The 5E Boron Americas (Fort Cady) Complex in Southern California, which hosts the largest known new conventional source of boron in the world, is designated as Critical Infrastructure by the U.S. government.

With approximately 85% of global supply coming from two commodity miners, 5E is well positioned to execute its corporate strategy of becoming a high-margin, high-value, vertically integrated producer of boron and lithium specialty and advanced materials. With this strategy, the Company will be positioned to take advantage of its boron and lithium supply and potentially favorable cost position, particularly in the highly fragmented downstream boron market with few vertically integrated suppliers.

In May 2022, 5E announced plans to expand the production capacity of its large-scale complex to 500,000 tons per year of boric acid. The Company also announced its goal to sell boron advanced materials to take advantage of higher pricing, operational synergies, and the currently fragmented market. The global advanced materials supply chain is at risk of disruption, with an over-reliance on Turkey and China for sourcing and processing, respectively. The U.S. government, as well as certain of 5E’s customers, has also sought to domesticate the boron supply chain, which aligns with 5E’s strategy to create a vertically integrated U.S. based complex. 5E also announced potential lithium carbonate production of several thousand tons per year upon completion of the large-scale complex, which could make 5E one of the largest producers of lithium in the U.S.

Customer and Strategic Partnerships

As part of the commercialization plans, 5E has dedicated resources to secure strategic collaboration agreements with customers that could include offtake and financing support linked to the supply of boric acid, boron advanced materials, and lithium carbonate. During the fiscal year, the Company signed non-binding letters of intent with Corning Incorporated and Borman Specialty Materials. Corning Inc. is a Fortune 300 company and one of the largest technical glass manufacturers in the world. Under the letter of intent, 5E would supply boron specialty materials while collaborating with Corning to develop and supply boron advanced materials. Borman is a U.S. producer of boron and other advanced materials that supply future facing global markets within the semiconductor, life sciences, aerospace, military, and automotive industries. Under the letter of intent, 5E would supply Borman with boric acid and boron advanced materials. The Company is also advancing discussions with other customers who are also interested in ensuring domestic supply of boron and lithium.

The Company executed research agreements with leading academic institutions Georgetown University (“Georgetown”) and Boston College. Both research agreements position 5E to potentially develop intellectual property and commercialization pathways within downstream boron-based decarbonization applications. 5E’s research agreement with Georgetown aims to enhance the performance of permanent magnets by increasing the use of boron. The Company’s research agreement with Boston College intends to advance boron-based materials within solar energy systems. Solar energy is expected to play an important role in serving the increased demand for a carbon-neutral global economy and the agreement has the potential to create boron-based materials that serve the accelerating, future-facing solar marketplace.

5E Boron Americas (Fort Cady) Complex

The SSBF is expected to serve as a foundation for the design of the large-scale complex and to support potential cost optimization and value engineering. The SSBF is also an essential step for the Company to deliver product to potential customers and to progress downstream boron advanced materials capabilities. The Company has made substantial progress on the SSBF this year after completing detailed engineering, procuring and receiving long-lead item equipment, increasing staffing, completing four supply wells, assigning the construction contract to Matrix Service, and breaking ground on construction. Importantly, there have been no lost time injuries for any 5E sites during the year, as the Company continues to prioritize the safety and well-being of personnel.

The SSBF is on schedule for mechanical completion in CQ4 2022 and first production in early 2023. With a target production of 2,000 tons per year of boric acid, the SSBF provides considerable optionality for the Company to continue delivering on its corporate strategy.

Engineering, design, and construction for the large-scale complex is targeted to occur after operations of the SSBF with mechanical completion in 2025. Initial production capacity of the large-scale complex is targeted at 250,000 tons per year of boric acid and several thousand tons per year of lithium carbonate. Capacity is later targeted to increase to 500,000 tons per year of boric acid and several thousand tons per year of lithium carbonate with incremental capacity expansions.


Photos of Construction at the 5E Boron Americas (Fort Cady) Complex

Marketing Initiatives

In December 2021, the Company announced the engagement of Bank of America as capital markets advisor and the fiscal year-end culminated with the Company’s inclusion in the Russell 2000®, 3000®, and Microcap® indices, the MSCI Global Small Cap Australia index, and, most recently, the ASX 300 index. Inclusions in these major indices has placed the Company’s securities in the portfolios of some of the world’s largest global asset management firms. The Company continues to pursue further index inclusions to increase investor awareness and demand for 5E securities. The Company has participated in several investor conferences, including the Baird 2022 Vehicle Technology & Mobility Conference, Canaccord Genuity 42nd Annual Growth Conference, and the Credit Suisse 35th Annual Specialties and Basics Conference.

The Company continues to increase its marketing efforts, recently launching a new investor presentation that highlights the significance of boron and lithium in enabling three global mega trends: decarbonization, food security, and onshoring critical materials. The Company also hired a Chief Marketing Officer and a Marketing Manager to further promote 5E and boron to investors and other stakeholders. Over the coming months, 5E plans to launch extensive marketing campaigns that includes in-person and virtual investor presentations, social media outreach, and print and video press. The Company will also participate in several other investor conferences and host site tours of its 5E Boron Americas (Fort Cady) Complex.

Boron remains a relatively unknown material to the investment community despite its use in everyday and future facing applications. As such, adding resources to educate and mainstream boron could unlock value for shareholders as the Company is focused on becoming a global leader in the material.

Corporate Activities

5E’s team in California and Texas continues to grow with several new hires across operations, administration, marketing and finance, including a VP of Operations with more than 19 years of experience at Albemarle Corporation that spans across multiple disciplines including process design, purchasing, M&A, and general management. The Company also hired a Chief Accounting Officer with more than 29 years of accounting experience at PricewaterhouseCoopers and natural resources companies. As of fiscal year-end, the majority of administrative and operational personnel have transitioned to the U.S. after a successful reorganization and U.S. listing on Nasdaq in March 2022. Local hiring in California is expected to increase as the Company works towards completion of the SSBF and scaling of the business.

In light of the recent Presidential Executive Orders and U.S. government initiatives to onshore and secure production of critical materials, the Company has increased its government affairs effort by engaging a specialized management consulting firm in May 2022 to pursue federal, state, and local funding opportunities. In February 2022, the Integrated Boron Facility successfully received Critical Infrastructure designation by the U.S. Department of Homeland Security, validating the domestic security pillar of the three global mega-trends.

5E continues to advance its efforts around environmental, social, and governance (“ESG”), and has been working with a North American sustainability consulting firm to bolster our ESG and sustainability strategy and future reporting framework.


Photos of 5E’s Nasdaq listing

Full Year FY2022 Financial Highlights

As of year-end, the Company maintained a cash balance of $31.0 million and working capital of $23.6 million. Construction in progress balance was $25.6 million, compared to $12.7 million in the prior year as the Company continues construction of the SSBF. Project expenses increased 119% year-over-year given increased construction preparation for the SSBF. General and administrative expenses increased by $43.0 million year-over-year, primarily due to $37.7 million of non-cash stock-based compensation, which includes $31.0 million of stock issued as payment for non-recurring consulting fees under the Company’s Advisory Agreement with Blue Horizon Advisors, LLC (“BHA”), and $5.6 million of non-recurring costs associated with the Company’s reorganization and subsequent listing of shares on Nasdaq. Research and development expenses increased year-over-year as the Company progressed its advanced materials strategy and depreciation and amortization expenses increased as the Company began placing assets into service.

  FOR THE YEAR-ENDED JUNE 30
(in thousands)
    2022       2021  
Operating expenses:    
Project expenses $ 12,853     $ 5,966  
General and administrative(1)   54,733       11,637  
Research and development   133       –  
Depreciation and amortization expense   112       31  
Total operating expenses   67,831       17,634  
Income (loss) from operations   (67,831 )     (17,634 )
Non-operating income (expense)    
Other income   65       45  
Interest income   3       9  
Interest expense   (6 )     (5 )
Net foreign exchange gain (loss)   1,056       (1,668 )
Total non-operating income (expense)   1,118       (1,619 )
Net income (loss)   (66,713 )     (19,253 )
Comprehensive income (loss):    
Reporting currency translation   (1,417 )     1,916  
Comprehensive income (loss) $ (68,130 )   $ (17,337 )
Net loss per common share – basic and diluted $ (1.63 )   $ (0.56 )
Weighted average common shares outstanding – basic and diluted   40,807       34,175  

(1)   Includes $37.7 and $6.4 million in non-cash share based compensation for the periods ended June 30, 2022 and 2021, respectively.

Bluescape Investment

On August 11, 2022, after fiscal year-end, the Company secured a $60 million private placement with Bluescape. Bluescape, a U.S. strategic financial partner with experience and relationships within the power and resources sectors, its U.S. shareholder base, and the U.S. federal government, represents a cornerstone investor for 5E. The private placement includes senior secured convertible notes due 2027 (“the Notes”), which are convertible into shares of the Company’s common stock. The Notes were funded on August 26, 2022, resulting in an available cash balance at closing of $68.4 million.

Commenting on Full Year 2022 Results, 5E President and CEO, Mr. Henri Tausch, said:

“I am pleased by the efforts of our team and milestones achieved over the fiscal year. We successfully transitioned the team and Company to the U.S., listed on Nasdaq, gained Critical Infrastructure designation, enhanced the project’s scope, and broke ground on the SSBF. We also signed a research agreement with Georgetown University and LOIs with potential future customers, including Corning Inc., a Fortune 300 company and one of the largest technical glass manufacturers in the world.

As we enter a new fiscal year, I am excited for catalysts to come. We target completion of our SSBF in CQ4 2022, additional commercial LOIs and contracts, and increased stakeholder engagement and awareness. Boron prices and fundamentals remain favorable, and we are in a strong financial position to execute after closing the private placement with Bluescape in August.”

About 5E Advanced Materials, Inc.

5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) is focused on becoming a vertically integrated global leader and supplier of boron specialty and advanced materials, complemented by lithium co-product production. The Company’s mission is to become a supplier of these critical materials to industries addressing global decarbonization, food and domestic security. Boron and lithium products will target applications in the fields of electric transportation, clean energy infrastructure, such as solar and wind power, fertilizers, and domestic security. The business strategy and objectives are to develop capabilities ranging from upstream extraction and product sales of boric acid, lithium carbonate and potentially other co-products, to downstream boron advanced material processing and development. The business is based on our large domestic boron and lithium resource, which is located in Southern California and designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.

Forward Looking Statements and Disclosures

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release regarding our business strategy, plans, goal, and objectives are forward-looking statements. When used in this press release, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “estimate,” “plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 5E’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of the critical materials we intend to produce and advanced materials production and development. These risks include, but are not limited to: our limited operating history in the borates and lithium industries and no revenue from our proposed extraction operations at our properties; our need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; our status as an exploration stage company dependant on a single project with no known Regulation S-K 1300 mineral reserves and the inherent uncertainty in estimates of mineral resources; our lack of history in mineral production and the significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurrence of significant net operating losses to date and plans to incur continued losses for the foreseeable future; risks and uncertainties relating to the development of the Fort Cady project, including our ability to timely and successfully complete our Small Scale Boron Facility; and other risks. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. No representation or warranty (express or implied) is made as to, and no reliance should be place on, any information, including projections, estimates, targets, and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions, or misstatements contained herein. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as to the date of this press release.

For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s amended Form 10 filed with the U.S. Securities and Exchange Commission on March 7, 2022, and its Form 10-Q filed with the SEC on May 12, 2022, as well as the latest risk factors described in the Form 8-K filed on August 11, 2022. Additional risks are also disclosed by 5E in its filings with the Securities and Exchange Commission, as well as its filing under the Australian Securities Exchange, throughout the year, including its Form 10-K, Form 10-Qs and Form 8-Ks, as well as in its filings under the Australian Securities Exchange. Any forward-looking statements are given only as of the date hereof. Except as required by law, 5E expressly disclaims any obligation to update or revise any such forward-looking statements. Additionally, 5E undertakes no obligation to comment on third party analyses or statements regarding 5E’s actual or expected financial or operating results or its securities.

Authorized for release by: Henri Tausch, President and Chief Executive Officer

For further information contact:

Chance Pipitone
Investor Relations
[email protected]
Ph: +1 (346) 433-8912		 J.T. Starzecki
Chief Marketing Officer
[email protected]
Ph: +1 (612) 719-5076		 Chris Sullivan
Media
[email protected]
Ph: +1 (917) 902-0617

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/afb49c89-3335-49cb-81f5-718ce17ee2c3

https://www.globenewswire.com/NewsRoom/AttachmentNg/0806107c-ee3c-4a88-8fdd-3dcd3be5289a



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Volta Realigns Organization to Reduce Costs and Drive Strategic Priorities

Volta Realigns Organization to Reduce Costs and Drive Strategic Priorities

NEW YORK–(BUSINESS WIRE)–Volta Inc. (NYSE: VLTA) today announced an organizational realignment to reduce costs and drive strategic priorities. This refocuses resources on accelerating the company’s successful digital advertising business, collaborating with Volta’s numerous retail and commercial property partners, and driving public-private partnerships that align with the $7.5 billion of funding the Federal government has allocated towards public EV charging infrastructure buildout under the Bipartisan Infrastructure Law.

Under the strategic reprioritization, Volta is focused on:

  • Streamlining the Organization: Today’s announcement represents a 10% reduction in current full-time employees. As of today, Volta has reduced approximately 18% of its full-time employees through other workforce reductions and organic attrition since June 1, 2022.
  • Delivering Additional Cost Savings: Volta is implementing additional cost savings initiatives through tightening business processes, limiting the use of outside consultants, consolidating teams and its three San Francisco offices into one, and managing marketing and administrative costs.
  • Competing for Federal Funds: Volta’s model is attractive to municipalities, as demonstrated by its recent collaboration with the City of Hoboken. The company’s dedicated team is well-positioned as a public-private partner for state and federal government funding, as evidenced by Volta’s relationship with the State of Michigan and DTE Energy. Volta intends to continue prioritizing EV charger installations that qualify for government-provided funds by leveraging its award-winning PredictEV® infrastructure planning software. By analyzing multiple data sources, including local economic and equity data, PredictEV can identify locations within the company’s pipeline of more than 8,200 EV charging stalls signed or covered under master service agreements (MSAs) that satisfy the government’s requirements.

“The Volta Board of Directors and senior executives are taking difficult but important steps to align the business with current market dynamics and position the company for long-term success,” said Vince Cubbage, Interim Chief Executive Officer of Volta. “Despite near-term challenges, there is significant opportunity ahead in the EV charging market as adoption accelerates and federal funding for EV infrastructure is deployed. We are evaluating every aspect of the business to set Volta up to capture this opportunity through disciplined management, preservation of capital, reduction of operating expenses, and an increased focus on public-private partnerships that more efficiently grow our network and satisfy the needs of all of our stakeholders.”

Financial and Install Outlook Update

The cost efficiency measures announced today intend to align Volta’s business with current market conditions. In addition to the risk factors outlined in Volta’s previous disclosures, these factors include: the advertising environment, particularly as automotive brands delay advertising spend due to inventory shortages; limited electrical transformer availability affecting DC Fast charger installations; and the impact of the Q4 shopping season on construction availability at commercial properties.

Given the ongoing execution of Volta’s strategic reprioritization, combined with these market conditions and an uncertain macroeconomic environment, the company is revising its Q3 revenue guidance to between $13.5 million and $14.5 million. Furthermore, the company is withdrawing its full year 2022 revenue and install guidance until further notice. Volta remains committed to securing additional funding — including government incentives that will become available in 2023 — and pursuing further cost savings initiatives.

About Volta

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging and media company. Volta’s unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta’s extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding our electric vehicle charging and media network. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media / Press:

Jette Speights

[email protected]

Investor / Analyst:

Katherine Bailon

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Advertising Communications Automotive Automotive Manufacturing EV/Electric Vehicles Manufacturing Alternative Vehicles/Fuels

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Stryve Foods, Inc. Closes on Two Credit Facilities, Up to $26 million

Non-Dilutive Financing to Support Transformational Strategic Plan

PLANO, Texas, Sept. 28, 2022 (GLOBE NEWSWIRE) — Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an emerging healthy snack and eating platform disrupting traditional consumer packaged goods (CPG) categories, and a leader in the air-dried meat snack industry in the United States, has closed on previously announced credit facilities totaling up to $26 million in committed borrowing capacity.

Chris Boever, Chief Executive Officer, commented, “Today, we are pleased to announce the closing of the financing we discussed on our last earnings call. We are laser-focused on the Company’s Restructuring Plan, and these new facilities provide liquidity and a bridge to support our plans at Stryve to deliver quality revenue growth, improve costs through productivity, and build a culture of execution. These initiatives are the key tenants for value creation, as we evolve from a founder-led to an operating company at Stryve Foods.”  

“While we had many options for high-cost capital and dilutive financing, the financing structure we put in place was purposefully tailored to meet the needs of the business and all stakeholders. Accordingly, we are extremely pleased with the outcome as this combination of facilities is both non-dilutive and highly flexible to accommodate the next growth phase of the company,” said Alex Hawkins, Chief Financial Officer.

The financing structure consists of two facilities, a term loan with flexible amortization based on revenues and an asset backed facility based on accounts receivable and inventory. The asset backed facility provides $15 million in committed borrowing capacity, with an accordion feature up to $20 million, at an interest rate calculated at Prime plus 2.25% on borrowed amounts. The revenue-based term loan provides $6 million committed and $4 million funded at closing with monthly amortization starting at 2.75% of net sales.

Hawkins continued, “These facilities provide us with the near-term liquidity to execute on our plans, also providing us the working capital support needed to deliver the foundational improvements to position us for the future. Further, the revenue-based nature of the term loan is an ideal solution for an early-stage business like ours as the debt-service is highly flexible, automatically adjusting up or down to accommodate our future performance.”

About Stryve Foods, Inc.

Stryve is an emerging healthy snacking and food company that manufactures, markets and sells highly differentiated healthy snacking and food products that Stryve believes can disrupt traditional snacking and CPG categories. Stryve’s mission is “to help Americans eat better and live happier, better lives.” Stryve offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods. Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve®, Kalahari®, Braaitime®, and Vacadillos® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar*, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content, Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today.

Stryve distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets, as well as directly to consumers through its ecommerce websites and through the Amazon platform.

For more information about Stryve, visit www.stryve.com or follow us on social media at @stryvebiltong.

* All Stryve Biltong and Vacadillos products contain zero grams of added sugar, with the exception of the Chipotle Honey flavor of Vacadillos, which contains one gram of sugar per serving.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”, “continue”, “target”, “milestone”, “expect”, “estimate”, “plan”, “outlook”, “objective”, “guidance” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including, but not limited to, statements regarding Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s current views and analysis of information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Stryve believes, as of the date hereof, provide a reasonable basis for the information and statements contained herein. These forward-looking statements involve various known and unknown risks, uncertainties and other factors, many of which are outside the control of Stryve and its officers, employees, agents and associates. These risks, uncertainties, assumptions and other important factors, which could cause actual results to differ materially from those described in these forward-looking statements, include: (i) the inability to achieve profitability due to commodity prices, inflation, supply chain interruption, transportation costs and/or labor shortages; (ii) the ability to recognize the anticipated benefits of the Business Combination or meet financial and strategic goals, which may be affected by, among other things, competition, supply chain interruptions, the ability to pursue a growth strategy and manage growth profitability, maintain relationships with customers, suppliers and retailers and retain its management and key employees; (iii) the risk that retailers will choose to limit or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue to carry Stryve’s products; (iv) the possibility that Stryve may be adversely affected by other economic, business, and/or competitive factors; (v) the effect of the COVID-19 pandemic on Stryve; (vi) the possibility that Stryve may not achieve its financial outlook and (vii) other risks and uncertainties described in the Company’s public filings with the SEC. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those projections and forward-looking statements are based.

Investor Relations Contact:

Three Part Advisors, LLC
Sandy Martin or Phillip Kupper
[email protected] or [email protected]
214-616-2207 or 817-778-8339



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Ovintiv Renews Annual Share Buy-Back Program

PR Newswire

Company Receives TSX Approval for Renewal of Normal Course Issuer Bid


DENVER
, Sept. 28, 2022 /PRNewswire/ – Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has received regulatory approvals for the renewal of its share buy-back program. This action is consistent with the Company’s capital allocation framework, which supports the goal of unlocking shareholder value by delivering on Ovintiv’s strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress.

In July of 2022, the Company elected to double its cash returns to shareholders to 50% of the previous quarter’s Non-GAAP Free Cash Flow after base dividends. These returns can be delivered through share buy-backs and/or variable dividends.

The Toronto Stock Exchange (TSX) has accepted Ovintiv’s notice of intention to renew its normal course issuer bid (NCIB) to purchase up to 24,846,855 common shares, or ten percent of its public float as calculated pursuant to TSX rules (approximately 10% of Ovintiv’s issued and outstanding shares), during the 12-month period commencing October 3, 2022 and ending October 2, 2023. The number of shares authorized for purchase represents 10 percent of Ovintiv’s public float as of September 19, 2022.  Purchases will be made on the open market through the facilities of the TSX, New York Stock Exchange (NYSE) and/or alternative trading systems at the market price at the time of acquisition, as well as by other means permitted by stock exchange rules and securities laws including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

Ovintiv has also renewed its automatic share purchase plan (ASPP) allowing it to purchase common shares under the NCIB when Ovintiv would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, Ovintiv will provide instructions during non-blackout periods to its designated broker, which may not be varied or suspended during the blackout period. Purchases by Ovintiv’s designated broker will be in accordance with stock exchange rules, applicable securities laws and the terms of the ASPP.  All purchases made under the ASPP are included in computing the number of common shares purchased under the NCIB. The ASPP has been pre-cleared as required by the stock exchanges.

The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Ovintiv. The average daily trading volume through the facilities of the TSX, excluding purchases made on such facilities, during the most recently completed six-month period was 403,574 common shares. Consequently, daily purchases through the facilities of the TSX will be limited to 100,893 common shares, other than block purchase exceptions.  Purchases over the NYSE will be made in compliance with the volume limitations in Rule 10b-18 in relation to average daily trading volume and block trades.  All common shares acquired by Ovintiv under the NCIB may be cancelled or returned to treasury as authorized but unissued shares.

On March 9, 2022, Ovintiv obtained an exemption order (the “NCIB Exemption”) from applicable Canadian regulators, permitting Ovintiv to make repurchases under the NCIB through the facilities of the NYSE and other United States-based trading systems in excess of 5% of Ovintiv’s outstanding number of shares, the maximum allowable under applicable Canadian securities laws absent an exemption.  The NCIB Exemption allows Ovintiv to repurchase up to 10% of Ovintiv’s public float on such U.S. marketplaces provided that Ovintiv’s aggregate repurchases on all marketplaces do not exceed this amount over the 12-month period of the NCIB, which is consistent with the maximum number of shares Ovintiv is able to purchase under the NCIB.  The other conditions to the NCIB Exemption are outlined in Ovintiv’s 2022 first quarter report filed on Form 10-Q on EDGAR and SEDAR and will be similarly outlined in Ovintiv’s 2022 third quarter report to be filed on EDGAR and SEDAR.   

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS – This news release contains certain forward-looking statements or information (collectively, “FLS”) within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. FLS include: the planned share repurchase program, including the amount and number of shares to be acquired, treatment of such shares following purchase, anticipated timeframe, method and location of purchases, announced capital framework; and benefits of the NCIB.

Readers are cautioned against unduly relying on FLS which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or results to differ materially from those expressed or implied. These assumptions include: future commodity prices and differentials; foreign exchange rates; ability to access cash, credit facilities and shelf prospectuses; and expectations and projections made in light of, and generally consistent with, Ovintiv’s historical experience and its perception of historical trends, including with respect to the pace of technological development, benefits achieved and general industry expectations.

Risks and uncertainties that may affect these business outcomes include: ability to generate sufficient cash flow to meet obligations and fund the NCIB; commodity price volatility; variability in the amount, number of shares, method, location and timing of purchases, if any, pursuant to the NCIB; fluctuations in currency and interest rates; and other risks and uncertainties impacting Ovintiv’s business, as described in its most recent Annual Report on Form 10-K and as described from time to time in Ovintiv’s other periodic filings as filed on EDGAR and SEDAR.

Although Ovintiv believes the expectations represented by such FLS are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. FLS are made as of the date of this news release and, except as required by law, Ovintiv undertakes no obligation to update publicly or revise any FLS. FLS contained in this news release are expressly qualified by these cautionary statements.

Further information on Ovintiv is available on the company’s website, www.ovintiv.com, or by contacting:



Investor contact:


(888) 525-0304                      



Media contact:


(403) 645-2252

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ovintiv-renews-annual-share-buy-back-program-301635221.html

SOURCE Ovintiv Inc.

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5E Advanced Materials to Commence Process to Recruit New CEO

HOUSTON, Sept. 28, 2022 (GLOBE NEWSWIRE) — 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E” or the “Company”), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, today announced the resignation of its President and Chief Executive Officer, Mr. Henri Tausch, effective October 31, 2022.

Mr. Tausch has resigned for personal reasons and the Company has commenced an immediate search for a replacement.

Mr. Anthony Hall will lead the Company effective November 1, 2022 until the appointment of a new CEO is confirmed. For the past eleven years Mr. Hall has been managing listed companies, serving as the founding CEO and Managing Director of ASX listed Highfield Resources in 2011 that went from a $10 million IPO to an ASX300 company and successfully stewarding American Pacific Borates Limited (the former parent company of 5E) through an ASX listing in 2017 to a Nasdaq primary listing in March 2022 as a founding director. Mr. Hall holds a Bachelor of Laws (Honors), Bachelor of Business (Accounting and Finance), a Graduate Diploma of Applied Finance and Investment, and is an Associate of the Governance Institute of Australia. Mr. Hall has more than twenty-five years commercial experience in strategy, venture capital, risk management, and compliance.

Commenting on Mr. Tausch, Mr. David Salisbury, 5E Chairman, said:

“Henri led our re-domiciliation to the US which resulted in the Company being listed on the Nasdaq Stock Market. His leadership was important during this process and has resulted in the Company having a solid position to build into the US. The strong leadership team assembled during his tenure will continue executing the Company’s strategy to become a fully integrated global leader in boron and lithium advanced materials. We wish Henri the very best with his future endeavors.”

About 5E Advanced Materials, Inc.

5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) is focused on becoming a vertically integrated global leader and supplier of boron specialty and advanced materials, complemented by lithium co-product production. The Company’s mission is to become a supplier of these critical materials to industries addressing global decarbonization, food and domestic security. Boron and lithium products will target applications in the fields of electric transportation, clean energy infrastructure, such as solar and wind power, fertilizers, and domestic security. The business strategy and objectives are to develop capabilities ranging from upstream extraction and product sales of boric acid, lithium carbonate and potentially other co-products, to downstream boron advanced material processing and development. The business is based on our large domestic boron and lithium resource, which is located in Southern California and designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.

Forward Looking Statements and Disclosures

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release regarding our business strategy, plans, goal, and objectives are forward-looking statements. When used in this press release, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “estimate,” “plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 5E’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of the critical materials we intend to produce and advanced materials production and development. These risks include, but are not limited to: our limited operating history in the borates and lithium industries and no revenue from our proposed extraction operations at our properties; our need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; our status as an exploration stage company dependant on a single project with no known Regulation S-K 1300 mineral reserves and the inherent uncertainty in estimates of mineral resources; our lack of history in mineral production and the significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurrence of significant net operating losses to date and plans to incur continued losses for the foreseeable future; risks and uncertainties relating to the development of the Fort Cady project, including our ability to timely and successfully complete our Small Scale Boron Facility; and other risks. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. No representation or warranty (express or implied) is made as to, and no reliance should be place on, any information, including projections, estimates, targets, and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions, or misstatements contained herein. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as to the date of this press release.

For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s amended Form 10 filed with the U.S. Securities and Exchange Commission on March 7, 2022, and its Form 10-Q filed with the SEC on May 12, 2022, as well as the latest risk factors described in the Form 8-K filed on August 11, 2022 and Form 10-K filed on September 28, 2022. Additional risks are also disclosed by 5E in its filings with the Securities and Exchange Commission, as well as its filing under the Australian Securities Exchange, throughout the year, including its Form 10-K, Form 10-Qs and Form 8-Ks, as well as in its filings under the Australian Securities Exchange. Any forward-looking statements are given only as of the date hereof. Except as required by law, 5E expressly disclaims any obligation to update or revise any such forward-looking statements. Additionally, 5E undertakes no obligation to comment on third party analyses or statements regarding 5E’s actual or expected financial or operating results or its securities.

Authorized for release by: David Salisbury, Chairman of the Board of Directors

For further information contact:

Chance Pipitone
Investor Relations
[email protected]
Ph: +1 (346) 433-8912		 J.T. Starzecki
Chief Marketing Officer
[email protected]
Ph: +1 (612) 719-5076		 Chris Sullivan
Media
[email protected]
Ph: +1 (917) 902-0617

 



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Constellation Joins State and Federal Officials to Celebrate Progress on Nation’s First Nuclear-Powered Clean Hydrogen Facility

Constellation Joins State and Federal Officials to Celebrate Progress on Nation’s First Nuclear-Powered Clean Hydrogen Facility

The Nine Mile Point hydrogen production project will demonstrate the value of combining the most abundant element in the universe with nuclear energy to address the climate crisis

OSWEGO, N.Y.–(BUSINESS WIRE)–
Leaders from the U.S. Department of Energy (DOE), the New York State Energy Research and Development Authority (NYSERDA), and the New York State Public Service Commission (PSC) joined Constellation leaders and employees at Nine Mile Point today to celebrate progress on the nation’s first nuclear-powered clean hydrogen production facility that will begin production by the end of the year.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005222/en/

Constellation's Nine Mile Point Nuclear Generating Station will be home to the nation’s first nuclear-powered clean hydrogen production facility, which will begin production by the end of the year. (Photo: Business Wire)

Constellation’s Nine Mile Point Nuclear Generating Station will be home to the nation’s first nuclear-powered clean hydrogen production facility, which will begin production by the end of the year. (Photo: Business Wire)

“Clean hydrogen is an essential tool in addressing the climate crisis, and in a few short months we will demonstrate to the world how essential carbon-free nuclear energy is to unlock its potential,” said Joe Dominguez, president and CEO of Constellation. “Building on the vision and strong support from DOE and NYSERDA, we are eager to help develop the technology and infrastructure needed to build a clean hydrogen economy, create jobs and secure our domestic energy security.”

Last year, DOE approved moving forward with construction and installation of an electrolyzer system at Nine Mile Point, to separate hydrogen and oxygen molecules in water as part of a $5.8 million award from DOE. In addition, NYSERDA recently announced $12.5 million in funding to help demonstrate hydrogen fuel cell technology at Nine Mile Point to provide long-duration energy storage for the electric grid. Hydrogen fuel cells can produce electricity with only water vapor as a byproduct, making them a clean source of reliable backup energy to power the grid. The hydrogen fuel cell project at Nine Mile Point is currently being designed and is expected to be operational in 2025.

When produced on a large scale, clean hydrogen can be used to make next-generation energy for otherwise hard-to-decarbonize industries like aviation, long haul freight, steel making and agriculture.

The clean hydrogen production and storage projects underway at Nine Mile Point will demonstrate the viability of hydrogen electrolyzer and fuel cell technologies, setting the stage for possible deployment at other clean energy centers in Constellation’s fleet. As part of its broader decarbonization strategy, Constellation is currently working with public and private entities representing every phase in the hydrogen value chain to pursue development of regional hydrogen production and distribution hubs.

Alice Caponiti, deputy assistant secretary, Nuclear Energy Office, DOE, said, “Nuclear power has historically been known as a baseload energy provider because it is the most reliable clean energy source in the country. As we move forward, together with fluctuating renewable energy sources, in meeting the President’s bold vision for a 100-percent clean electricity generation mix by 2035 and a net-zero economy by 2050, nuclear power will evolve to support both firm and flexible capacity and it will play an important role in developing clean hydrogen affordably and at scale. We are pleased to see the progress being made to start producing clean hydrogen here by the end of the year.”

“As we look to achieve New York’s ambitious decarbonization and clean energy targets, projects like Nine Mile Point are critical to ensuring that stored renewable energy and other zero-emission energy sources are available for long periods of time and can be utilized to contribute to a reliable power grid,” said Doreen M. Harris, president and CEO, NYSERDA. “NYSERDA is proud to partner with Constellation to demonstrate how this project can help reduce emissions and improve air quality for the benefit of all New Yorkers.”

“It’s great to see the U.S. and New York take these big steps forward to embrace clean hydrogen production and long-term energy storage,” said Steve Szymanski, vice president, Nel Hydrogen, the manufacturer of the electrolyzer to be used at Nine Mile Point. “Clean hydrogen is an emerging industry that will create a lot of jobs and help us lower emissions in industries that produce up to a quarter of global carbon emissions, making it an essential resource in the fight against climate change.”

Learn more about Constellation’s clean hydrogen work via our fact sheet and overview video.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to millions of homes, institutional customers, the public sector, community aggregations and businesses, including three fourths of Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydro, wind and solar facilities have the generating capacity to power approximately 20 million homes, providing 10 percent of all carbon-free energy on the grid in the U.S. Our fleet is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is nearly 90 percent carbon-free. We have set a goal to achieve 100 percent carbon-free power generation by 2040 by leveraging innovative technology and enhancing our diverse mix of hydro, wind and solar resources paired with the nation’s largest nuclear fleet. Follow Constellation on Twitter @ConstellationEG.

What People Are Saying about Constellation’s Hydrogen is Happening HereCelebration at Nine Mile Point Nuclear Station, Oswego, NY, Sept. 28, 2022

“Constellation’s upstate nuclear power stations provide thousands of good-paying jobs while safely and reliably producing vast amounts of zero-emission electricity. The women and men of the Building and Construction Trades welcome investments in new technology like the electrolyzer and fuel cell projects at Nine Mile Point Nuclear Station.”

– Gary LaBarbera, President, New York State Building and Construction Trades Council

“Throughout my Senate career, I have been proud to represent Nine Mile Point and FitzPatrick nuclear stations. These facilities continue to bolster the region’s reputation as the energy capital of New York, provide good paying jobs for hardworking people and create a tremendous economic benefit for Oswego County and beyond. I look forward to seeing the positive impacts of Nine Mile Point and Fitzpatrick continue for many years to come.”

–Senator Patty Ritchie

“The continued operation of Constellation’s New York nuclear facilities is essential to our upstate economy. A commitment to utilize emerging technologies will be critical for energy producers’ long-term goals and benefit the communities they serve. Today’s announcement is great news that Constellation is able to leverage this new hydrogen electrolyzer and fuel cell technology to advance its zero-emission capabilities for the state of New York.”

–Assembly Minority Leader Will Barclay

“Oswego County has touted the carbon-free benefits of nuclear energy for years and applauds this public-private partnership for new, innovative technology in our region.”

– Phil Church, Administrator, Oswego County

“As a 30-year employee at Nine Mile Point Nuclear Station, it gives me great pride to represent the site as its town supervisor. Today’s investment paves the way for future generations to work at the plant for years to come.”

– James Oldenburg, Supervisor, Town of Scriba

“The City of Oswego proudly hosts Nine Mile Point and FitzPatrick nuclear stations. The carbon-free energy they provide is essential to meeting New York State’s emissions reduction goals at the lowest cost to consumers.”

– Billy Barlow, Mayor, City of Oswego

“CenterState CEO and the Greater Oswego Fulton Chamber of Commerce congratulates Constellation Energy on the launch of its clean hydrogen initiatives at the Nine Mile Point Nuclear Station. Programs like these are catalysts that position Central New York as leaders in innovation. Constellation is an incredible community advocate, donating time and funds to support our local nonprofits and small businesses. We are excited to celebrate this milestone with them and thank them for their partnership and engagement.”

– Katie Toomey, Executive Director, Greater Oswego-Fulton Chamber of Commerce

Mark Rodgers

Constellation Communications

617-699-6327

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Environment Technology Other Energy Environmental Health Other Technology Sustainability Alternative Energy Green Technology Energy Nuclear

MEDIA:

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Constellation’s Nine Mile Point Nuclear Generating Station will be home to the nation’s first nuclear-powered clean hydrogen production facility, which will begin production by the end of the year. (Photo: Business Wire)
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Newmark Facilitates $170M Financing for Centerbridge Partners and Merit Hill Capital’s Self Storage Portfolio

PR Newswire


NEW YORK
, Sept. 28, 2022 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”) has arranged the $170 million financing of a 33-asset, 1.8 million-square-foot national self-storage portfolio on behalf of Centerbridge Partners and Merit Hill Capital. The portfolio is well-leased and located in strong primary markets and submarkets across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space, broadly considered among the top operators in the self-storage sector.

The Newmark team that closed the debt was led by Jordan Roeschlaub and Dustin Stolly, Vice-Chairmen and Co-Heads of the Newmark Debt, Equity and Structured Finance Team, Senior Managing Director Nick Scribani, in partnership with Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue of Newmark’s Self-Storage Division. Bank of America provided the loan.

“Driving the success of this transaction is the strength of the sponsorship between Merit Hill’s operating platform and the equity commitment provided by Centerbridge Capital Partners,” said Roeschlaub.

Stolly added, “Merit Hill Capital’s ability to source deals locally and bring them to institutional standards speaks to their deep knowledge of local markets and ability to continue expanding the platform.”

About Centerbridge Partners
Centerbridge Partners is a multi-strategy private investment firm focused on leveraged buyouts and distressed securities. The New York City-based firm invests in both control and non-control opportunities and manages over $32 billion of assets, with an additional office in London.

About Merit Hill
Merit Hill Capital is a real estate investment firm focused on aggregating one-off or small portfolio investments in private market transactions to create a diversified portfolio of assets. Founded in 2016 by Liz Raun Schlesinger, Merit Hill manages REITs focusing on self-storage properties. Merit Hill is headquartered in Brooklyn, New York, and has a team of 28 employees. The Merit Hill investment team has been an active investor in varying market cycles over the past 15+ years. Since its inception, Merit Hill has acquired 360 self-storage facilities in 217 separate transactions, consisting of more than 158,000 individual storage units and more than 19 million net rentable square feet across 33 states.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/newmark-facilitates-170m-financing-for-centerbridge-partners-and-merit-hill-capitals-self-storage-portfolio-301636135.html

SOURCE Newmark Group, Inc.

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Prologis Stockholders and Duke Realty Shareholders Approve Merger

PR Newswire


SAN FRANCISCO and INDIANAPOLIS, Sept. 28, 2022 /PRNewswire/ — Prologis, Inc. (NYSE: PLD) (“Prologis”) and Duke Realty Corporation (NYSE: DRE) (“Duke Realty”) today announced that Prologis stockholders and Duke Realty shareholders have voted, separately, to approve the proposed merger at their respective special meetings held virtually today, September 28, 2022.

According to the results of the Prologis Special Meeting of Stockholders, more than 99 percent of votes cast at the meeting – approximately 87 percent of the outstanding shares of Prologis common stock as of the record date – were voted in favor of the issuance of Prologis common stock in connection with the merger.  The final voting results of the Prologis Special Meeting will be filed as part of a Form 8-K with the U.S. Securities and Exchange Commission.

According to the results of the Duke Realty Special Meeting of Shareholders, more than 99 percent of votes cast at the meeting – approximately 85 percent of the outstanding shares of Duke Realty common stock as of the record date – were voted in favor of approving the merger agreement and the transactions contemplated thereby, including the merger.  The final voting results of the Duke Realty Special Meeting will be filed as part of a Form 8-K with the U.S. Securities and Exchange Commission.

Upon consummation of the merger, Duke Realty shareholders will receive 0.475 of a newly-issued share of Prologis common stock for each share of Duke Realty common stock they own immediately prior to the effective time of the merger. The transaction is expected to close in early October subject to the satisfaction or waiver of customary closing conditions.

ADVISORS

Goldman Sachs Group, Inc. and Citigroup are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis. Morgan Stanley & Co. LLC is serving as the lead financial advisor and Hogan Lovells US LLP is serving as legal advisor to Duke Realty. J.P. Morgan Securities LLC and Alston & Bird LLP are also serving as financial and legal advisors, respectively, to Duke Realty.

ABOUT PROLOGIS

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of June 30, 2022, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (95 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment.

ABOUT DUKE REALTY

Duke Realty Corporation owns and operates approximately 167.3 million rentable square feet of industrial assets in 19 major logistics markets.  

FORWARD-LOOKING STATEMENTS

The statements in this communication that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and Duke Realty operate as well as beliefs and assumptions of Prologis and Duke Realty. Such statements involve uncertainties that could significantly impact Prologis’ or Duke Realty’s financial results.  Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” and “estimates,” including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis or Duke Realty expects or anticipates will occur in the future — including statements relating to the proposed transaction between Prologis and Duke Realty, rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where Prologis or Duke Realty operate, Prologis’ and Duke Realty’s respective debt, capital structure and financial position, Prologis’ and Duke Realty’s respective ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements.  These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis and Duke Realty believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, neither Prologis nor Duke Realty can give assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.  Some of the factors that may affect outcomes and results include, but are not limited to:  (i) Prologis’ and Duke Realty’s ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to the satisfaction of closing conditions to consummate the proposed transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (iii) risks related to diverting the attention of Prologis and Duke Realty management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed transaction; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (vii) the risk that Duke Realty’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed transaction; (ix) the effect of the announcement of the proposed transaction on the ability of Prologis and Duke Realty to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the Prologis common stock to be issued in the proposed transaction; (xi) other risks related to the completion of the proposed transaction and actions related thereto; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets, interest rates and foreign currency exchange rates; (xiv) increased or unanticipated competition for Prologis’ or Duke Realty’s properties; (xv) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xvii) availability of financing and capital, the levels of debt that Prologis and Duke Realty maintain and their credit ratings; (xviii) risks related to Prologis’ and Duke Realty’s investments in co-investment ventures, including Prologis’ and Duke Realty’s ability to establish new co-investment ventures; (xix) risks of doing business internationally, including currency risks; (xx) environmental uncertainties, including risks of natural disasters; (xxi) risks related to the coronavirus pandemic; and (xxii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis’ and Duke Realty’s respective Annual Reports on Form 10-K for the year ended December 31, 2021.  Neither Prologis nor Duke Realty undertakes any duty to update any forward-looking statements appearing in this communication except as may be required by law.

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SOURCE Prologis, Inc.